Michael’s estate has earned nearly $1 billion since his death. The huge sum, from record sales and lucrative deals brokered by the estate, is forty-seven times what Michael made the previous year. It is also nearly two thirds of what Elvis Presley’s estate has made in the thirty-three years, since his death.
If the cash keeps rolling in, Michael’s children, Prince Michael, 12, Paris, 11 and Blanket, 7, will get billions from their trust funds. A source said; “The estate has made around $900 million (£614m) in cash since Michael’s death. This is an incredible amount. No other artist has ever made that much since they died. It should ensure Michael goes down in history as the greatest artist of all time.”
Record sales soared as soon as news of his death was announced on June 25th last year.
More than 415,000 albums were sold in the first four days in America alone with 2.3 million songs being downloaded across the world.
In the previous year Michael had sold 10,000 records, got money from 37,000 downloads and made an estimated $19 million.
His estate, run by two US lawyers, has since signed the most lucrative recording contract ever – a $250 million deal with Sony for continuing rights to his music and further unreleased songs.
A $200 million contract with Cirque du Soleil to create a Michael Jackson show in Las Vegas is also said to be in the pipeline. Michael merchandise, profits from The Beatles songwriting catalogue which he bought in 1985, and the ‘This Is It’ film released after his death helped raise the $900 million.
The estate has won a court order so details about the money can be kept from the public, but a lawyer for his father Joe, who wants a share of the cash, said; “They are being too secretive. The public has a right to know what the estate is doing in his name.”